The National Securities and Stock Market Commission "will not compete" for the role of cryptocurrency market regulator in Ukraine

The National Securities and Stock Market Commission (NSSMMC) announced that it will not seek to become the regulator of the cryptocurrency market in Ukraine. This decision follows the exclusion of the NSSMMC from the latest version of the draft law on virtual assets, as Commission representatives reported in an interview with Incrypted.

NSSMMC will focus on its mandate

Instead of competing for the role of regulator, the NSSMMC intends to focus on fulfilling its current responsibilities. The agency noted that during its work on developing the crypto market, they encountered obstacles caused by the personal animosity of certain members of parliament. This created additional difficulties in their work.

Information about the new regulator in Ukraine

Reports have surfaced online that the NSSMMC has approached the government with a proposal to appoint another government agency to implement the European MiCA regulation in Ukraine. Previous versions of the bill considered the National Securities and Stock Market Commission (NSSMC) to be the primary regulator of virtual assets. However, in the latest version, market oversight will be divided between the National Bank of Ukraine and another body to be determined by the Cabinet of Ministers.

NSSMC Comments

Representatives of the NSMC neither confirmed nor denied the authenticity of the document circulated online. However, they emphasized that bill No. 10225-d does not include the Commission among the regulators of the virtual asset market, meaning the NSMC cannot participate in the development of regulations in this area.

"The version of the bill that deputies approved in the first reading excluded the NSMC as one of the regulators, so we will not compete for this role. Instead, we will focus on our core activities," the Commission stated.

Obstacles to Work

The National Securities and Stock Market Commission also noted that it has repeatedly encountered situations where political disagreements and personal animosities among individual parliamentarians have hindered genuine market development efforts. This underscores the importance of a constructive approach to regulating the cryptocurrency sector, which requires a professional and impartial approach.

In Conclusion

Therefore, the National Securities and Stock Market Commission has decided not to compete for the role of cryptocurrency market regulator in Ukraine, focusing on its current mandate. This decision underscores the need for a more constructive approach to regulating virtual assets, one that must be based on professionalism and free from political obstacles. It is important that the new regulators appointed are able to effectively develop the market and ensure its stability.